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Retirement savings get taxed twice: you get a deduction upfront, then pay taxes again on the growth when you withdraw. Understanding this matters for planning how to keep wealth in your family across generations.
Retirement savings get taxed twice: you get a deduction upfront, then pay taxes again on the growth when you withdraw. Understanding this matters for planning how to keep wealth in your family across generations.
Do we think that in the future the government's going to be more taxes or less taxes? How are you being taxed? So if we're to put a dollar away today, how many dollars do you want that to turn into for retirement? The plan is really you're going to take $1, get a tax break on that dollar, and then when you turn it into $5, the government's going to show up and tax the $5. But you know what? If we understand the problem, then the solution's going to matter. It's important for us to sort of look at all angles. We're going to keep the wealth in the family. We're going to finance each other's, you know, needs throughout, and we're going to keep all this wealth in the family for generations to come. That needs to be sort of the forefront of our minds as we're planning our financial future, our retirement, our legacy for our families, which is think long term.
